MSE News: Guidance on finding top interest rates to be given to savers as new...

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Savers will be given easy-to-understand information to help them compare cash savings accounts and easy access cash ISAs...
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'Guidance on finding top interest rates to be given to savers as new transparency rules are rolled out'
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  • greenglide
    greenglide Posts: 3,301 Forumite
    First Anniversary Combo Breaker Hung up my suit!
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    and current accounts as well? So many people do not take up the multiple current accounts to get decent rates. Do we really this that will change?
  • Consumerist
    Consumerist Posts: 6,310 Forumite
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    edited 1 December 2016 at 5:03PM
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    Sadly, for many MSEers, more clarity is likely to mean less interest for those who have been willing to sniff out the truffles (so to speak).

    It will, however, be better for busy people who shouldn't be forced to hunt down interest rates.

    If only Ofgem had similar designs for the energy companies. Some hope ! Well, no hope in reality.
    >:)Warning: In the kingdom of the blind, the one-eyed man is king.
  • jimjames
    jimjames Posts: 17,670 Forumite
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    greenglide wrote: »
    and current accounts as well? So many people do not take up the multiple current accounts to get decent rates. Do we really this that will change?
    That's exactly the problem with this type of initiative when it excludes all the highest paying accounts on the market. Some might say they're irrelevant because they pay on low amounts or are loss leaders that will disappear but if you can get a decent rate on lots of low amounts over a number of years then it's still well worth doing.
    Remember the saying: if it looks too good to be true it almost certainly is.
  • Pincher
    Pincher Posts: 6,552 Forumite
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    Christopher Woolard, executive director of strategy and competition at the FCA, says: "The new rules coming into force today will help consumers get the facts they need to make an informed decision about what to do with their savings.


    I think the consumer needs a degree in Physics to understand the femto interest rate level we are now dealing with.

    £1 of money will randomly release a photon every day, and ten thousand photons is like 1p in interest.

    So all RBS has to say is I'll give you three photons, which is more than the two photons you get from NatWest.

    Much clearer.
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